Seattle announces new funding for affordable housing near transit

SEATTLE – November 20, 2015 – (RealEstateRama) — Mayor Ed Murray submitted legislation to the City Council this week to invest an additional $1 million in land acquisition near transit hubs for affordable housing in Seattle. The Regional Equitable Development Initiative (REDI) fund creates a regional pool of resources that will be used to secure land near existing or planned high-capacity transit.

The idea for the REDI fund emerged from a 3-year regional planning effort, Growing Transit Communities, which concluded in 2013. The City Council authorized the $1 million in the 2015 budget and asked the Mayor and the Office of Housing to develop a Regional Compact with King County, the State of Washington, and other regional public and private partners to govern expenditure of the fund. A total of $21 million will be invested in the fund – $5 million from public sources and $16 million from private and other sources.

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WASHINGTON, D.C. - December 3, 2013 - (RealEstateRama) -- When a portfolio of nine privately owned Section 8-assisted housing complexes located in five counties scattered across Washington state was offered for sale last spring, the King County Housing Authority spearheaded a collaborative effort to purchase it. The housing authorities of Bremerton, Grays Harbor County, Yakima, and Chelan County and the City of Wenatchee participated in assuring the preservation of a total of 337 homes within the various communities.

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Calmwater Capital, a leading national direct real estate lender, has provided $7.6 million in senior debt to Nelson Brothers Professional Real Estate, LLC to acquire and upgrade a student housing complex near Washington State University. The 184-bed property, known as College Crest Apartments, is located at 1555 NE Merman Drive in Pullman, Washington.

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